ECONOMICS > Praised by EU, Turkey woos foreign investors

BRUSSELS - Anatolia News Agency

The miracle Turkish economy is lavishly praised by the EU, with particular emphasis on national growth and the curbing of public debt. Recently announced incentives also put Turkey the limelight for huge investments by multinational companies

Turkey’s economy had undergone a miracle over the past ten years, especially with regard to the curbing of its public debt, according to Olli Rehn, the EU Vice President in charge of monetary and financial matters.

Rehn noted that Turkey’s financial policies and reforms had allowed it to respond to the global economic crisis in an “extraordinary” fashion.

“After the crisis, Turkey’s quick growth spurt allowed its economy to become the 16th largest in the world and as a result Turkey was accepted into the G-20,” he said.

He also stressed that Turkey’s inflation rate had dropped from 75 percent in the 1990s to 11 percent today, it public debt had been halved, and its banking sector reformed. Rehn was speaking at a panel titled “Time to Face Economic Realities: The Difficulties and Expectations Ahead for the EU and Turkey.”